Post
Topic
Board Development & Technical Discussion
Re: 51%-attack - Why exactly "51 percent"?
by
TierNolan
on 15/04/2014, 13:41:13 UTC
As far as I've understood an attacker can destroy the Bitcoin-network if he solves several blocks in a row.

No, the attacker could reverse transactions within the last hour or so.  That would lead to double spending, but wouldn't be a complete destruction.

Merchants with high value transactions would be recommended to wait for more than 6 confirms.

Waiting more confirms gives better security, if miners started to reverse transactions.

Quote
What I wonder is
1) Is my premise wrong? Can bitcoin be destroyed if one attacker mines several blocks in a row?
2) Is there something else that makes 51% the threshold for being able to destroy the network?

The point is that with < 50% of the hashing power, you can sometimes reverse a small number of blocks.

51% is a shorthand to mean more than 50%.  With > 50%, you can reverse an unlimited number of blocks.

In theory, you could reverse all transactions since the last checkpoint.  

There is less risk.  An attacker with more than 50% can reverse transactions with certainty, while one with less than 50% has only a probability.

There are attacks that allow a miner with > 50% to break the difficulty system and create an unlimited number of blocks very quickly.  This would allow the miner to take all the remaining minting fees.